Tesco and Verizon announce dual currency tender offers

UK grocer Tesco and US telecoms company Verizon both announced tender offers for some of their outstanding bonds in euros and sterling. Tesco is offering to buy up to £700m equivalent, while Verizon will confirm the size of its repurchase once it has sold new euro and sterling bonds.

  • By Nigel Owen
  • 16 Oct 2017

A statement from Tesco said that its offer is being made as part of “Tesco’s continuing efforts to strengthen the balance sheet and are aimed at efficiently using surplus liquidity to reduce gross debt.”

The BB+/Ba1/BB+ rated issuer will accept all of its 2042 and 2057 sterling ...

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4 Goldman Sachs 104,714.74 443 4.61%
5 Barclays 98,747.37 444 4.34%

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1 BNP Paribas 28,647.62 134 8.82%
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4 SG Corporate & Investment Banking 19,387.37 101 5.97%
5 HSBC 18,800.79 89 5.79%

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5 BNP Paribas 5,158.30 56 5.45%

Bookrunners of Dollar Denominated HY Bonds

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4 Goldman Sachs 23,500.21 166 7.54%
5 Barclays 20,380.66 139 6.54%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 26,467.48 131 6.34%
2 Deutsche Bank 26,020.82 93 6.23%
3 Barclays 25,912.14 118 6.21%
4 HSBC 25,614.26 122 6.14%
5 Citi 22,829.99 98 5.47%